Real Estate with TERRY & SUSAN BARNETTE
Monday February 15th, 2016 For Buyers, Housing Market Updates, Move-Up Buyers
Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner's net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
In a Forbes article the National Association of Realtors' (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.
The graph below demonstrates the results of the last two Federal Reserve studies and Yun's prediction:
Put Your Housing Cost to Work For You
Simply put, homeownership is a form of 'forced savings'. Every time you pay your mortgage you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord's net worth.
The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:
"Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn't be overlooked."
Bottom Line
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let's schedule an appointment to guide you through the process.
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Terry & Susan
Barnette
REALTOR
ABR, CRS, GRI
Crye-Leike REALTORS
Cleveland, TN
423-473-9545 or 423-746-0227
Real estate is our profession, NOT our hobby! We offer 44 combined years of experience to benefit you and your real estate transaction.
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All information deemed reliable but not guaranteed. The opinions expressed in this article are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in this article as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keeping Current Matters, Inc. does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involved some degree of risk. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on information contained in this article.
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Terry Barnette
REALTOR, Broker, ABR, SFR, BPOR, e-Pro
Crye-Leike REALTORS
Office: 423-473-9545x217
Direct/Text: 423-463-0024
TheBarnetteTeam.com
KM4HDV
licensed in Tennessee
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